factors impacting the growth and development of local SMEs

Critically evaluate the factors impacting the growth and development of local SMEs and how innovation and creativity could help overcome the challenges facing FRACINO, the British leading manufacturer of coffee machines, as it looks to expand further on the European market.
You will critically evaluate four (4) significant factors (4 internal and 4 external factors) impacting the growth and development of local Small Medium Enterprises (SME’s) in the global economy and demonstrate how innovation and creativity could contribute to overcoming the challenges faced by FRACINO.
As supportive guidance your report may cover the following:
• Show an understanding of the concept of entrepreneurship and the contribution of SMEs to the UK economy.
• Show an understanding of the concept of innovation and creativity and how they could help overcome the identified 4 factors (2 internal and 2 external factors) on the global market. You should balance your report and arguments within it equally between the 4 factors.
• Show an understanding of the key considerations while considering growing a business beyond the national borders.

Module Learning Outcomes:

1. To assess the concepts of entrepreneurship, innovation and creativity and their role in the development and growth of SMEs.

2. Discuss the contemporary challenges evident within the global business environment and the impact on the SME sector.

You have been given the responsibility of working with your organization’s CEO to do a competitive market analysis of the potential success of one of their existing products.

Select your organization and a product produced by that organization from IndustryWeek.

Write a 2,100-word analysis of the current market conditions facing your product, making sure that you address the following topics:

  • Define the type of market in which your selected product will compete, along with an analysis of competitors and customers.
  • Analyze any comparative advantages and international trade opportunities.
  • Explain the factors that will affect demand, supply, and prices of that product.
  • Examine factors that will affect Total Revenue, including but not limited to:
  • Price elasticity of demand
  • Factors that influence productivity
  • Various measures of costs, including opportunity costs
  • Externalities and government public policy and their effect on marginal revenue and marginal cost
  • Recommend how your organization can maximize their profit-making potential and increase their presence within the market served by the product.

Use a minimum of 3 peer-reviewed sources from the University Library.

Format your paper consistent with APA guidelines.

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